After the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect, Vietnam's tuna exports to the Mexico market prospered. However, the Covid-19 pandemic has caused higher transportation costs, and affected the stability of the economy and the consumption demand in Mexico, making export to this market fluctuate.
According to the commitments in the CPTPP and the Most Favourited Nation Treatment (MNF), the tariff levied on Vietnam's frozen tuna meat/fillets (HS code 0304) to this market will be reduced from 15% to 0%. This creates a competitive advantage for Vietnam's tuna products compared to other Asian countries or Ecuador when exporting to Mexico.
Mexico is also a large tuna producer. However, the country's catch has decreased due to the Inter-American Tropical Tuna Commission's ban on fishing in the Eastern Tropical Pacific Ocean. Besides, the low supply of raw materials from foreign fishing fleets has boosted the raw tuna imports for canned production. Therefore, recently Mexico tends to import more steamed tuna loins from Asian countries, including Vietnam.
With these advantages, Vietnam's tuna exporters are expected to have many opportunities to boost exports to this market. However, the outbreak of the Covid-19 pandemic has caused sea transportation costs and the price of raw tuna to increase, all of these have affected the growth rate of Vietnam's tuna exports to this remote market.
Lately, the Mexico Government has decided to temporarily exempt import tax for 1 year for 66 food and hygiene items, including canned tuna. The decision was a part of measures to slow down the rise in price, and the fall in household consumption and to build the Anti-Inflation Package. This decision has partly affected the country's tuna imports and at the same time increased competition because the tariff advantages under Free Trade Agreements (FTA) are now meaningless. Therefore, extending Vietnam's tuna exports to Mexico in 2022 is expected to be more challenging. It is difficult for Vietnam to compete on price with suppliers in the same continent as Mexico like Ecuador or the cheap supply of tuna loin from China.
Currently, there are 5 enterprises participating in exporting tuna to the Mexican market: Bidifisco, Frescol Tuna Vietnam, Hai Thanh, An Hai Seafood, and Dai Viet Seafood.
Compiled by Thuy Linh
(seafood.vasep.com.vn) According to statistics from Vietnam Customs, Vietnam's tuna exports in October reached nearly $93 million, marking a 22% increase compared to the same period in 2023. In the first ten months of 2024, the total export value exceeded $821 million, up 18% compared to the same period last year.
(seafood.vasep.com.vn) According to Vietnam Customs data, pangasius exports to the EU reached USD 7 million in the first half of October 2024, marking a 27% year-on-year increase. As of October 15, 2024, cumulative exports to the EU totaled over USD 134 million, reflecting a slight 0.01% decrease compared to the same period last year.
(seafood.vasep.com.vn) According to data from Vietnam Customs, pangasius export revenue in October 2024 reached nearly $202 million, a 17% increase compared to October 2023. The cumulative export value for the first ten months of the year totaled $1.7 billion, marking a 9% year-on-year increase.
(seafood.vasep.com.vn) Vietnam's exports of crabs and other crustaceans continued to see high growth in September 2024, with a 54% increase compared to the same period in 2023. In the first nine months of the year, exports of crabs and other crustaceans reached over USD 228 million, a 67% increase year-over-year.
(seafood.vasep.com.vn) Vietnam’s shrimp exports reached $394 million in October 2024, up 24%. In the first ten months of this year, shrimp exports brought in $3.2 billion, up 13% compared to the same period last year. Exports to all major markets recorded double-digit growth in October.
International Development and Investment Corporation (IDI), a key member of the Sao Mai Group, has consistently ranked among the largest seafood producers and exporters in Vietnam.
(seafood.vasep.com.vn) In recent years, the US has consistently been Vietnam’s largest seafood export market. Over the past five years, seafood export turnover to the US has ranged from 1.5 billion USD to 2.1 billion USD anually. Despite facing strict protective policies such as anti-dumping and countervailing duties, U.S. market demand remains high, and the quality of Vietnamese seafood continues to improve, helping to maintain and expand its position in this market.
(seafood.vasep .com.vn) The return of Donald Trump to the White House for a second term will bring significant impacts on Vietnam, particularly its pangasius export sector. Trump's economic policies, such as raising import tariffs, reducing corporate income taxes, and attracting foreign direct investment (FDI) back to the US, are expected to directly influence various industries in Vietnam.
(seafood.vasep.com.vn) The UAE ranked 16th among importers of Vietnamese shrimp from 2018 to 2022, accounting for approximately 0.5% of Vietnam's total shrimp export value. Annually, Vietnam exported around US$20 million worth of shrimp to this market.
(seafood.vasep.com.vn) The company also announced that its farms are well-prepared and will begin stocking in mid-November when the weather conditions are favorable.
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